A pressure-regulating valve has a valve piston (10) subjected to the action of an energy store and guided longitudinally in a valve housing (12). The valve housing has a supply port (14), a utility port (16) and a tank port (18) actuated by a control part (20) closing with a sealing action. In connecting from the supply port to the utility port, a pressure reduction function is realized. In a fluidic connection from the utility port to the tank port, a pressure-limiting function is realized. The control part (20) has a control rod (22) with two control bodies (24, 26) spaced apart from one another. One control body (24) controls the connection between supply port (14) and utility port (16). The other control body (26) controls the connection between utility port (16) and tank port (18).